Moniz confirms $6.5 billion in loan guarantees for new reactors at Vogtle plant in Georgia
Originally published February 21, 2014
In a speech yesterday in Waynesboro, Ga., Energy Secretary Ernest Moniz said the U.S. government is issuing approximately $6.5 billion in loan guarantees for the construction of two new reactors at the Vogtle nuclear power plant. The two new units are being built by the plant's four owners: Georgia Power Co., Oglethorpe Power Corp., MEAG Power and the city of Dalton, Ga.
The Department of Energy signed off yesterday on the $6.5 billion in loan guarantees for Georgia Power and Oglethorpe, Moniz said. DOE is continuing negotiations on $1.8 billion in loan guarantees for MEAG for the Vogtle expansion project, he said.
The Obama administration said in 2010 that it planned to issue a total of $8.33 billion in loan guarantees for the project.
|Construction work inside the Vogtle 3 and 4 module assembly building. Source: DOE/Georgia Power Co.
The two new Vogtle units represent the first new nuclear facilities in the United States to begin construction and receive a license from the Nuclear Regulatory Commission in nearly three decades. Two new 1,100-megawatt Westinghouse AP1000 reactors will be built at the site near Waynesboro.
The Energy Policy Act of 2005 authorized the Energy Department to issue loan guarantees for projects that avoid, reduce or sequester greenhouse gases and that use new or significantly improved technologies.
The nuclear plant is eligible for loan guarantees, DOE said, because it is expected to avoid nearly 10 million metric tons of carbon dioxide emissions annually, or the equivalent of removing more than 2 million vehicles from the roads.
When the new nuclear reactors come on line, they will provide enough reliable electricity to power nearly 1.5 million American homes, Moniz said.
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